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According to the latest report published by Germany’s economic institute DIW on Wednesday, Europe’s economic powerhouse is expected to shrink 6% in 2020 vs. a -9.4% contraction estimated in June.

Key quotes

“The German economy is doing well, considering the circumstances.”

“For next year, DIW raised its GDP growth forecast to 4.1% from 3% in June but cautioned that the pandemic could still lead to setbacks. 2022 German GDP forecast is of +3.0%.”

“It would be wrong to believe that the crisis will be over quickly.”